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论文编号：	14007
作者编号：	1120170898
上传时间：	2023/6/7 15:58:20
中文题目：	中国上市公司绿色治理溢价及其形成机制研究
英文题目：	Research on Green Governance Premium and Its Formation Mechanism of Chinese Listed Companies
指导老师：	李维安
中文关键字：	上市公司；绿色治理；溢价；绿色治理溢价；形成机制
英文关键字：	listed companies; green governance; premium; green governance premium; formation mechanism
中文摘要：	在全球范围内倡导绿色发展的背景下，作为绿色治理关键行动者的企业的绿色表现成为实务界和学术界关注的重点。企业的绿色实践往往迫于各方压力停留在强制合规层面，缺乏采取绿色行动的内在积极性和主动性。公司治理边界拓展衍生的绿色治理概念的系统提出描绘了重视环境和社会责任的公司治理的样貌，为企业绿色发展提供了明确的治理原则和路径。而绿色治理溢价的存在为企业主动践行绿色治理提供了动力，探究绿色治理溢价的存在及其形成机制有利于推进绿色治理所倡导的“企业利益驱动”，为企业更好践行绿色治理提供动力依据和行动指引。 在此背景下，本论文聚焦绿色治理溢价，实证检验公司绿色治理对公司股票市场超额回报的影响后果和影响机制。首先，对绿色治理概念与演进、绿色治理的影响因素和经济后果以及公司股票回报影响因素等研究进展进行梳理和述评；其次，回顾了绿色治理制度背景和国内外评价体系的现状，基于利益相关者理论、资源依赖理论等分析了绿色治理创造价值和实现价值的过程，并构建了绿色治理溢价研究框架；再次，基于我国发布社会责任报告的A股上市公司数据使用多种方法实证检验并验证了中国资本市场上绿色治理溢价的存在；最后，按照本论文构建的研究框架分别从公司内部和市场外部视角探索了绿色治理溢价可能的形成机制，并关注了不同情境下绿色治理溢价的异质性表现。 论文得出的主要结论如下：第一，上市公司提高绿色治理水平能带来股票超额回报，即存在绿色治理溢价，上市公司提高绿色治理水平能得到市场的积极反馈并为投资者带来超额回报，为上市公司推进公司绿色转型提供动力；第二，从公司内部视角来看，上市公司提高绿色治理水平部分通过降低代理成本和绿色代理成本、提高投资效率和绿色投资效率、提高信息披露透明度的机制进而实现股票超额回报，而且这种机制在管理层持股水平高的上市公司、位于环境规制强度高的地区的上市公司和位于公众环保意识强度高的地区的上市公司中表现更显著；第三，从市场外部视角来看，上市公司提高绿色治理水平部分通过提升投资者信心、降低股价同步性和股价崩盘风险的机制实现股票超额回报，而且这种机制在非国有控股上市公司、处于成熟期的上市公司和位于金融发展水平较高地区的上市公司中表现更为显著。 论文的主要创新点在于：第一，首次验证了中国资本市场上绿色治理溢价的存在，对绿色治理的经济后果从股票回报视角进行拓展性研究，丰富了企业绿色治理动力机制的相关研究。第二，探索了绿色治理溢价的形成机制，从公司内部和市场外部的不同视角探究公司绿色治理形成股票超额回报的机制，拓展了股票溢价影响因素的相关研究。第三，从不同情境检验了绿色治理溢价及其形成机制的异质性表现，有助于厘清不同情景下公司绿色治理溢价的存在边界，为推动特定制度背景下上市公司的绿色治理实践提供了经验证据和行为参考。
英文摘要：	In the context of advocating green development on a global scale, the green performance of enterprises as key actors in green governance has become the focus of practical and academic attention. The green practice of enterprises often stays at the level of mandatory compliance due to the pressure of all parties, and lacks the inherent enthusiasm and initiative to take green actions. The systematic proposal of the concept of green governance derived from the expansion of corporate governance boundary depicts the appearance of corporate governance that attaches importance to environmental and social responsibility, and provides clear governance principles and paths for the green development of enterprises. The existence of green governance premium provides a motivation for enterprises to actively practice green governance. In this context, this paper focuses on the green governance premium and empirically tests the consequences and mechanism of the impact of corporate green governance on the excess return of corporate stock market. Firstly, this paper reviews the research progress of the concept and evolution of green governance, the influencing factors and economic consequences of green governance, and the influencing factors of corporate stock returns. Secondly, this paper reviews the background of green governance system and the status quo of evaluation system at home and abroad, analyzes the process of creating and realizing value of green governance based on stakeholder theory and resource dependence theory, and constructs the research framework of green governance premium. Thirdly, based on the data of A-share listed companies that released social responsibility reports in China, this paper uses a variety of methods to empirically test and verify the existence of green governance premium in China's capital market. Finally, according to the research framework constructed in this paper, this paper explores the possible formation mechanism of green governance premium from the perspectives of internal companies and external markets, and pays attention to the heterogeneity of green governance premium in different situations. The main conclusions of this paper are as follows: first, improving the level of green governance of listed companies can bring excess stock returns, that is, there is a green governance premium. Second, from the internal perspective of the company, the improvement of green governance level of listed companies partly realizes the excess stock return by reducing agency cost and green agency cost, improving investment efficiency and green investment efficiency, and improving information disclosure transparency. Moreover, this mechanism is more significant in listed companies with high management shareholding level, listed companies located in regions with high intensity of environmental regulation and listed companies located in regions with high intensity of public environmental awareness. Third, from the perspective of the external market, the improvement of green governance level of listed companies partly achieves excess stock returns through the mechanism of improving investor confidence and reducing stock price synchronism and stock price crash risk, and this mechanism is more significant in non-state-owned listed companies, mature listed companies and listed companies located in regions with higher financial development level. The main innovations of this paper are as follows: firstly, it verifies the existence of green governance premium in China's capital market for the first time, conducts an expanded study on the economic consequences of green governance from the perspective of stock return, and enriches the relevant research on the dynamic mechanism of corporate green governance. Secondly, this paper explores the formation mechanism of green governance premium, explores the mechanism of corporate green governance forming stock excess return from different perspectives inside and outside the market, and expands the relevant research on the influencing factors of stock premium. Thirdly, this paper examines the heterogeneity of the green governance premium and its formation mechanism in different situations, which helps to clarify the existence boundary of the corporate green governance premium in different scenarios and provides empirical evidence and behavioral reference for promoting the green governance practice of listed companies in a specific institutional context.
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